EmpowerTrader

Exxon Mobil Testing Support Level as Oil Fell Last Week

Long
NYSE:XOM   Exxon Mobil Corporation
Exxon's stock price fell sharply last week as global market equities saw big sell-offs. During this time, oil price fell as much as 6%. This lead the stock price to test to the first major support level of the bullish channel trend.

Trade Step-ups:

Scenario One ( Bullish Reversal): Price rejects a bearish breakout from the trend that span back to February. Nevertheless, it is entirely possible for price to test the next support level at around 79.00.

Scenario Two ( Bearish Breakout): Price falls below channel trend, look for consolidation below 78.00.

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